PROVIDENCE – The Rhode Island School of Design will more than double its annual payments to the city, contributing $2.75 million over 11 years in addition to payments made under an existing agreement, the city announced Thursday.

“We have always believed a fiscally sound and flourishing Providence is the responsibility of all, and important for RISD’s own continued success,” said RISD president John Maeda in a statement. “We remain concerned about Providence’s financial situation and are therefore pleased, at this time, to be able to increase our support to the city in a way that benefits both Providence and RISD.”

Under the new agreement, which requires City Council approval, RISD will contribute an additional $250,000 each year for 11 years. This will bring the institutions annual payments to more than $425,000 annually.

RISD will receive semi-exclusive parking access on certain streets near campus. A number of those spaces are currently ‘no parking’ zones and most will be made exclusive during morning hours.

Under its existing agreement, RISD has contributed $7.9 million to Providence since 2003.

“RISD has helped grow Providence’s capital for years,” said Mayor Angel Taveras in a statement. “Our creative economy is strengthened by the graduates, faculty, staff and resources at RISD.”

The Taveras administration has to date secured more than $44 million in additional contributions from six of the city’s educational and health-related tax-exempt institutions.

Brown University agreed last May to pay the city $31.5 million over the next 11 years and that same month health care provider Lifespan agreed to pay the city $2.4 million over the next three years.

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